Introduction

When you think of an engagement ring cost, you cannot help but imagine a very significant figure when it come to price. The media and society have put extraordinary monetary pressure on what makes the perfect engagement ring. The symbol of love and devotion can sometimes be overshadowed by how much you spend on the ring; however, why is it that the media and society dictate the focus of an engagement ring? An engagement ring is a beautiful representation of your love and commitment to each other, which you will cherish for the rest of your lives. How much you spend on it should be a realistic budget and not influenced by other external factors. There are several ways you can find the perfect token of love and romance without spending a fortune.

Here is a list of 10 ways to save money on your engagement ring without compromising quality or breaking the bank.

1. Shop Online to save

Many experts believe that shopping online for the perfect affordable engagement ring might be the best option if you have a tight budget. In most cases, online retailers like Gemvy offer far more reasonable prices than traditional brick-and-mortar stores. This is because online vendors have much lower overhead costs compared to conventional brick-and-mortar jewellery stores. In addition, online stores also have a larger selection of engagement rings, as they have larger inventories. Shopping online also gives you the time to think and make a more informed decision.

2. Consider Gemstones

When choosing an engagement ring, you don’t always have to go the diamond route. Diamonds are considered the classic choice; however, they are not the best choice for everyone. Several alternatives available are unique and can help save money on your engagement ring. Owing to the price, you can opt for a larger stone without compromising on your budget. There is no rule that you need a diamond as a center stone!

Coloured Gemstones engagement rings

Gemstones, like emeralds, rubies, and sapphires, have been used as center stones for engagement rings for years. They have been increasingly popular with celebrities and other fashion icons, like Princess Diana. Gemstones are not only beautiful, but they can also carry several symbolic meanings. Gemstones may be perfect if you’re looking for something an affordable and unique ring to symbolise your love and devotion. Gemstones like emeralds and sapphires are considered precious stones, and some of them may be priced higher. However, there are some semi-precious stones, which are as beautiful and even more unique that are priced quite reasonably. Stones like amethyst, opal, and topaz, provide a vintage touch that can elevate your ring and help you save on your engagement ring.

3. Saving with Diamond Alternatives

If your heart is set on the classic diamond, but it may be out of your budget, several diamond alternatives exist.

Moissanite is a stone with a strong resemblance to diamonds. Their clear colour, and fantastic sparkle (which can even surpass a diamond), have made moissanite engagement rings popular for those looking for the brilliance of a diamond without the price of one. The moissanite stone is significantly lower in price and lab-created, making it a more sustainable and ethical option than naturally occurring diamonds.

White Sapphire is also a popular diamond alternative due to its clear colour. Not only does it cost less a white sapphire is also a naturally occurring gemstone. So, if you are looking for a naturally created diamond alternative, a sapphire engagement ring is perfect. However, white sapphires may not have the same brilliance or sparkles as a diamond or moissanite.

If you still believe you want a diamond as a center stone for your engagement ring, you can go for lab-created diamonds. Lab-created diamond engagement rings cost 40 to 50 per cent lower than a natural diamond engagement ring, and they are structurally and chemically the same. Lab diamonds are a more ethical and sustainable alternative to naturally occurring diamonds too!

4. Compromise on the 4C’s for a less expesive diamond.

If you are not so eager for the alternatives and want to stick to diamonds as your center stone, you could always compromise on the 4C’s. Now the 4C’s are colour, cut, clarity, and carat, and these four characteristics determine the quality of the diamond. We recommend never compromising on the Cut, as that can determine how the light is reflected through the diamond. On the other hand, colour and clarity can be overlooked to some extent. These two C’s will significantly reduce the price of the diamond, and as long as these compromises are not visible to the naked eye, why not?

Compromising on the Colour

Engagement rings are a significant investment, and it's natural to want the best quality for your significant other. However, the cost of a high-quality diamond can quickly add up, making it difficult to find the ideal ring within your price range. One way to reduce the overall cost of your engagement ring is to compromise on the color of your center stone.

A diamond's color is graded from D to Z, with D being completely colorless and Z having a noticeable yellow or brown tint. A colorless diamond is the most desirable, but it is also the most expensive. Diamonds in the near-colorless range (G through J) can, however, appear colorless to the untrained eye, making them an excellent compromise for those looking to save money. This is particularly so, with yellow gold settings.

Depending on the size and quality of the stone, choosing a diamond with a lower color grade can save you anywhere from a few hundred to a few thousand dollars. Choosing a setting that complements the color of your diamond can also improve its appearance, making it appear more brilliant and white.

Compromising on the Clarity

Clarity of a diamond refers to the presence or absence of internal and external flaws. A diamond's clarity is graded on a scale from Flawless (FL) to Included. A flawless diamond is the most valuable, but also the most expensive. However, diamonds with a lower clarity grade can still appear dazzling to the naked eye, making them a great option for those seeking to save money. SI1 and SI2 diamonds that are eye-clean are a great bargain to be had. "Eye-clean" implies that imperfections cannot be seen with the naked eye.

5. Size Matters

When it comes to diamonds, some people think the bigger, the better. However, in most cases, the bigger the diamond, the bigger the price tag. The easiest way to save money on your engagement ring is to buy a diamond slightly below the popular sizes. For example, instead of buying a 1 carat, you can opt for a 0.95, which looks virtually the same to the naked eye, and only your pocket would be able to notice the actual difference.

You could also opt for smaller diamonds set in a band, or on in a cluster in place of a single center stone. This can be kinder to your pocket but a still has the desirable brilliance and beauty.

6. Buy The Stone and Setting Separately

If you’re doing your research, you’ll find that some ring vendors specialise in one component of the ring. Some put more weight on the center stone or diamond, whereas others focus on the settings; this can be evident through their pricing and advertisement focus. In some cases, buying a loose diamond can give you the best deal. Some diamond wholesalers can provide you with a certified diamond at the best price. You can spend more on the diamond and leave the rest of your budget for the ring. Gemvy, for example, is an online vendor that sells diamonds but has a particular focus on settings. If you have a loose diamond, you can purchase a setting within your budget and get it mounted by a diamond setter, which in most cases, will help you save on your engagement ring.

7. Choose the Metal Wisely

If you have decided to splurge a little on the stone but now need to fit the rest of the setting into your budget, you can always choose a more reasonable metal. Platinum and gold are the most popular metals used in engagement rings. If your heart is set on a platinum band, but your budget is tight, you could go for white gold. White gold has the same silver hue as platinum however is more budget-friendly. And if you want a classic yellow gold band that is out of your budget, you can choose a vermeil ring. This ring is made of sterling silver but has a layer of gold (either 14k or 18k) bonded to it, and this can give you a gold look at a lower price! If sterling silver is not something you wish to have for your band, you can choose 14k or even 10k gold over the usual 18k to bring the price down.